UBank makes a splash with sizzling new home loan

Just when we thought home loan rates couldn't get any more competitive, UBank has unveiled a stellar new 3 year fixed rate of 1.75% (2.25% comparison rate*) on its popular UHomeLoan.

This is now the lowest 3 year fixed home loan rate in the Mozo database, sitting well below the average 3 year fixed rate of 2.37%.

The only catch is you have to get in quick. To snap up UBank's new rate, you'll need to apply by 29 April and have your application settled within 90 days. Luckily, UBank has a super efficient online application process to make this a breeze.

“Rates are at an all-time low. If you’ve been toying with the idea of fixing all or some of your home loan, then I encourage you to explore the most competitive rates, as you could be saving thousands," says UBank's chief executive, Philippa Watson.

UBank says this rate drop could potentially save borrowers $16,740 in interest payments over the full 3-year fixed term (or $465 per month), on a $480,000 owner occupied P&I home loan.

The move follows hot on the heels of cuts to UBank's variable home loan rates late last year, so if you're looking for a better value home loan that could save you thousands, read on for our expert rundown of UBank's stellar new offers to find out if it's time to make the move to this award-winning lender….

NEW LOW FIXED RATE

UBank UHomeLoan

• 1.75% fixed rate for 3 years (2.22% comparison rate*)

• Free extra repayments up to $20,000 p.a.

• Zero ongoing fees

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Home loan rates don’t get any lower than those available with UBank’s record-breaking new 3 year fixed rate for borrowers who apply before 29 April. Owner-occupier borrowers will be able to grab that rate on loans between $100,000 and $2,000,000 and while there is an initial $395 application fee to consider, there are no other fees to worry about. UBank even lets customers make extra repayments towards the loan of up to $20k per year, for free!

NEW LOW VARIABLE RATE

UBank UHomeLoan - Discount Offer

• 2.34% variable and comparison rate*

• Free extra repayments and redraws

• Zero fees

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UBank has made a name for itself as one of Australia's best value online lenders, and this seriously low new variable rate is case in point. As you'd expect from a multiple Mozo Experts Choice 2021 Award Winner, the UHomeLoan is packed full of other benefits including zero fees and the flexibility for borrowers to make free extra repayments towards the loan and redraw those repayments down the track (if they need to). It's available for loans of $200,000 plus with a minimum deposit or 20% or more.

Want to compare more home loans? View the latest mortgage rates from over 80 lenders at Mozo's home loan comparison hub.